The ringgit continued its strengthening pace by opening strongly against the US dollar as a result of continued positive support for the local currency.
At 10am, the ringgit was trading at 4.1010 which was up 0.51% from 4.1230 at Friday's close.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said the ringgit is expected to remain positive although some traders may take the opportunity to lock in profits following its recent widespread rise.
Global sentiment, economic signals are mixed from the US. The headline personal consumption expenditures (PCE) price index moderated to 2.2% in August, while core PCE remained steady at 2.7%.
However, the US Federal Reserve (Fed) is expected to maintain its monetary easing strategy in November and December.
He emphasized that the immediate support level for the ringgit is at RM4.0728 with the currency potentially moving in that direction.
Meanwhile, the ringgit traded mostly firm against a group of major currencies. It was slightly weaker against the Japanese yen, closing at 2.8833/8926 versus 2.8804/8841 on Friday.
It strengthened against the euro to end at 4.5960/6106 from 4.6009/6064, and rose against the British pound to 5.5063/5237 from 5.5178/5245 last week.
The local currency also improved against Asean currencies.
It rose against the Singapore dollar to 3.2136/2240 from 3.2146/2187 at Friday's close and rose against the Philippine peso to 7.34/7.37 from 7.35/7.37.
The ringgit rose against the Indonesian rupiah to 272.0/273.0 from 272.5/273.0 last week and rose to 12.7045/7553 from 12.7202/7407 against the Thai baht previously.
